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VDM directors reward themselves

THREE directors of Northbridge-based VDM Group Ltd have seized the opportunity created by the expiration of voluntary escrow restrictions to sell shares with a combined value of nearly $6 million. Director Stuart Cuthbert sold 1.5 million shares at a value of more than $3.3 million, to retain a stake worth $11.4 million. His co-directors, Clive Bradshaw and Jim van der Meer, sold 500,000 and 637,700 shares respectively, worth $1.1 million and $1.4 million. Mr van der Meer told WA Business News that with the escrow period having expired on February 14, it was a good opportunity to sell. “We wanted to get something out of it, do something special for our families,” he said. “I’ve always driven Volkswagens and Holdens, so I’m getting a new Audi.” Meanwhile, Territory Iron Ltd director Trevor Tennant sold his entire holding of 6.7 million shares in the company at a value of $3.1 million. Mr Tennant did not confirm whether he would resign his directorship, and said he would be pursuing alternative investments with the proceeds. Imdex Ltd director Ivan Freedman has sold his stake in the company, earning $16.2 million from the sale of 16 million shares.

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